April 2, 2012

Fudged Factoid From AP: Keystone Pipeline Will Create ‘More Than 1,000′ Jobs

An Associated Press report a week ago by Pallovi Gogoi on how economists would like to see taxes increased to close the government’s annual budget deficit (I guess because tax increases have done so well at closing deficits before – /sarc) had a truly curious sentence about the Keystone Pipeline: “The project drew opposition from environmentalists, while supporters say it will create over 1,000 jobs.”

That’s right — 1,000. Actually, as almost everyone at who reads BizzyBlog and/or NewsBusters knows already, the number is much larger than 1,000. A recent item at About.com by Tom Murse identifies all of the major estimates offered thus far:
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Kudlow on Obama: ‘He Hates Fossil Fuel, and He Hates Success’

Filed under: Business Moves,Economy,Environment,Taxes & Government — Tom @ 11:49 am

And those of us paying attention knew both of these things in 2008 (fossil fuels, success).

Via Larry Kudlow at National Review:

There Obama Goes Again
He hates fossil fuel, and he hates success.

As Ronald Reagan famously said, “There you go again.”

… “there you go again” can apply equally to President Obama. Once again this week, the president was out on the campaign trail bashing and oil and gas companies. And he continued to spread major falsehoods about this industry, which I guess is the polite way to put it.

Obama is obsessed with oil and gas. He is a prisoner of the left-wing environmental groups. And really, he’s extending his leftist class-warfare attack from rich people to successful oil and gas producers.

… Oil companies have an effective corporate tax rate well above 40 percent. And they operate within one of the highest-taxed industries in America. According to the Tax Foundation, for more than 25 years, oil and gas companies have sent more tax dollars to Washington and state capitals than they earned in profits. That’s a fact.

Single-handedly, oil and gas companies finance over 10 percent of non-defense discretionary spending within the U.S. budget. According to the Wall Street Journal, ExxonMobil, the world’s largest energy firm, paid out $59 billion in total U.S. taxes over the five years prior to 2010 while earning only $40.5 billion in domestic profits.

Make no mistake about it: Fossil fuel is going to drive the American economy for decades to come. Green energy is not.

Obama’s other line of attack is that oil companies shouldn’t get any subsidies.

But on the subject of subsidies, so-called renewable-energy subsidies (think Solyndra) are 49-times greater than fossil-fuel subsidies, according to studies by the Congressional Research Service. And the Congressional Budget Office says renewable green energy received 68 percent of energy-related tax preferences in fiscal year 2011, while fossil fuels got only 15 percent. Additionally, oil, natural gas, and coal received 64 cents per megawatt hour in subsidies, while wind power alone received $56.29 per megawatt hour. That’s 100-times what fossil fuels got.

Not that it’s ever a good idea, but especially in a struggling economy, actively impeding real, beneficial fossil fuel-based energy production and progress is not a luxury we can afford.

ISM Manufacturing in March: 53.4%, up from 52.4%

Filed under: Economy,Taxes & Government — Tom @ 11:25 am

From the Institute for Supply Management:

Economic activity in the manufacturing sector expanded in March for the 32nd consecutive month, and the overall economy grew for the 34th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report On Business®.

“The PMI registered 53.4 percent, an increase of 1 percentage point from February’s reading of 52.4 percent, indicating expansion in the manufacturing sector for the 32nd consecutive month. The Production Index increased 3 percentage points from February’s reading of 55.3 percent to 58.3 percent, and the Employment Index increased 2.9 percentage points to 56.1 percent. Of the 18 industries included in the survey, 15 are experiencing overall growth. Comments from the panel remain positive, with several respondents citing increased sales and demand for the next few months.”

PERFORMANCE BY INDUSTRY

Of the 18 manufacturing industries, 15 are reporting growth in March …

The comments in the report are mostly bullish.

Expectations per Zero Hedge were for a reading of 53.0%.

Expansion is fine, and beats the alternative. But imagine where the index might be if energy prices — and expectations as to their direction — weren’t being kept high by Obama administration policies.

Monday Off-Topic (Moderated) Open Thread (040212)

Filed under: Lucid Links — Tom @ 7:00 am

Rules are here. Possible comment fodder follows. Other topics are also fair game.

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J. Christian Adams at PJ Media (“Holder Charges Kidnapping Solicitation of White Supremacist, Not New Black Panthers”):

Here we go again.  Eric Holder’s Justice Department last month oversaw a guilty plea for solicitation of kidnapping, a federal offense.  Jayen Patel entered a plea in New Jersey for soliciting a purported white supremacist (actually an FBI agent acting as a white supremacist) to conduct a kidnapping.

I wrote earlier this week and appeared on Fox News to say that solicitation of kidnapping is a federal crime.  The New Black Panther Party has put a bounty out on George Zimmerman being taken “dead or alive.”  From Eric Holder, crickets.

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In a Sunday Wall Street Journal editorial (“Assailing the Supreme Court”):

Judicial activism is not something that happens every time the Supreme Court overturns a statute. The Justices owe deference to Congress and the executive, but only to the extent that the political branches stay within the boundaries of the Constitution. Improper activism is when the Court itself strays beyond the founding document to find new rights or enhance its own authority without proper constitutional grounding.

Like Roe v. Wade.

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At Media Bistro yesterday:

NBC News to Launch Internal Investigation into Trayvon Martin Story

A story that aired on the “Today” show last week caught the attention of media watchdog group Media Research Center, whose founder then went on Fox News’s “Hannity” Friday night to share what they’d uncovered: selective editing of a 911 call in the Trayvon Martin case.

… NBC News says it is investigating the story.

… Here’s how the “Today” show story, reported by Ron Allen last Tuesday, included the call:

Zimmerman: This guy looks like he’s up to no good. He looks black.

Here’s how the conversation happened, with the dispatcher’s question:

Zimmerman: This guy looks like he’s up to no good. Or he’s on drugs or something. It’s raining and he’s just walking around, looking about.

Dispatcher: OK, and this guy — is he white, black, or Hispanic?

Zimmerman: He looks black.

An agenda-driven disgrace.

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“Arab Spring” Update:

Brotherhood presidency bid turns up heat in Egypt race

… Khairat al-Shater is aiming to bring Egypt’s Muslim Brotherhood to the pinnacle of power for the first time in its 84-year history.

… It marks a dramatic shift for the Brotherhood which has U-turned on its earlier pledge not to field a candidate to avoid charges of monopolizing power in post-Mubarak Egypt.

All who actually believed the original promise have been exposed as fools.

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Rich Lowry, at National Review:

The Murders That Don’t Count
In America, the lives of young black people are cheap, unless they happen to fit the right agenda.

… Jesse Jackson is right that “blacks are under attack.” According to a 2005 FBI report, blacks accounted for 13 percent of the population and 49 percent of all homicide victims. In 93 percent of the cases, the killer was black. Half of the victims were ages 17 to 29. That works out to 4,000 murders of young blacks in one year, overwhelmingly at the hands of other blacks. In the communities where these killings occur there is, to put it in Jackson’s inimitable terms, no justice and no peace.

There is no comparable epidemic of half-Hispanic neighborhood-watch volunteers like George Zimmerman shooting young black men.

Jackson’s, and Al Sharpton’s actual internal creed: “No racial pot-stirring potential, no concern.”

Positivity: Love with a side of fries

Filed under: Positivity — Tom @ 5:56 am

From Crystal, Minnesota:

Golden memories. That’s what the Crystal McDonald’s has meant to Steve Rydberg clear back to the 1960s.

“When I was sixteen years old, this was the place to be,” he joyfully recalls. “I remember the summer nights, the beach boys playing. This is where the hot cars were. This is where the great looking ladies were.”

Steve would buy one of those hot cars, a 1967 Ford Mustang, with money he saved by flipping burgers at the same McDonald’s. But his eyes weren’t always on the grill.
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